S PEA 1103968 Table of content
iii
DAFTAR ISI
ABSTRAK ................................................................................................................... i
KATA PENGANTAR............................................................................................... iii
UCAPAN TERIMAKASIH ..................................................................................... iv
DAFTAR ISI ............................................................................................................. vi
DAFTAR TABEL ..................................................................................................... ix
DAFTAR GAMBAR.................................................................................................. x
DAFTAR LAMPIRAN ............................................................................................. xi
BAB I PENDAHULUAN........................................................................................... 1
A. Latar Belakang Penelitian ................................................................................. 1
B. Identifikasi Masalah .......................................................................................... 4
C. Rumusan Masalah Penelitian ............................................................................ 8
D. Maksud dan Tujuan Penelitian .......................................................................... 8
E. Manfaat Penelitian ..............................................................................................9
BAB II LANDASAN TEORI .......................................................................................... 10
A. Teori yang Relevan ....................................................................................... 10
1. Keputusan Keuangan .............................................................................. 10
a. Pengertian dan Tujuan Keputusan Keuangan ................................ 10
b. Jenis-jenis Keputusan Keuangan ..................................................... 10
c. Keputusan Investasi ........................................................................... 12
1) Pengertian Keputusan Investasi ...................................................... 12
2) Jenis-jenis Keputusan Investasi ....................................................... 13
3) Manfaat atau Pentingnya Keputusan Investasi................................ 13
4) Teori Mengenai Keputusan Investasi .............................................. 15
5) Indikator Pengukuran Keputusan Investasi ..................................... 16
d. Keputusan Pendanaan ........................................................................ 19
1) Pengertian Keputusan Pendanaan ................................................... 19
2) Teori Mengenai Keputusan Pendanaan ........................................... 20
3) Faktor yang Mempengaruhi Keputusan Pendanaan ........................ 21
4) Indikator Pengukuran Keputusan Pendanaan .................................. 22
e. Kebijakan Dividen ............................................................................... 23
1) Pengertian Kebijakan Dividen ........................................................ 23
2) Jenis-jenis Dividen .......................................................................... 25
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iv
3) Bentuk-bentuk Kebijakan Dividen .................................................. 25
4) Faktor yang Mempengaruhi Kebijakan Dividen ............................. 27
5) Teori Mengenai Kebijakan Dividen ................................................ 27
6) Indikator Pengukuran Kebijakan Dividen ....................................... 29
2. Nilai Perusahaan ..................................................................................... 30
a. Pengertian Nilai Perusahaan ................................................................. 30
b. Pentingnya Nilai Perusahaan ................................................................ 31
c. Indikator Pengukuran Nilai Perusahaan ............................................... 32
d. Teori Assimmetric Information dan Signalling .....................................35
B. Hasil Penelitian Terdahulu ........................................................................... 37
C. Kerangka Pemikiran ......................................................................................39
D. Hipotesis Penelitian ....................................................................................... 43
BAB III METODE PENELITIAN ..........................................................................44
A. Desain Penelitian ............................................................................................. 44
B. Operasionalisasi Variabel ................................................................................ 45
C. Populasi dan Sampel ....................................................................................... 46
D. Teknik Pengumpulan Data .............................................................................. 47
E. Teknik Analisis Data Dan Pengujian Hipotesis............................................... 48
1. Analisis Deskriptif .................................................................................... 48
2. Analisis Statistik ....................................................................................... 50
a. Pengujian Asumsi Klasik ..................................................................... 50
1) Uji Normalitas ................................................................................. 50
2) Uji Multikolinieritas ........................................................................ 52
3) Uji Heterokedastisitas ..................................................................... 52
4) Uji Autokorelasi .............................................................................. 53
b. Pengujian Hipotesis .............................................................................. 53
1) Analisis Regresi Multipel Data Panel ............................................. 53
2) Pemilihan Model Regresi Data Panel.............................................. 56
3) Uji F (Uji Keberartian Regresi) ....................................................... 57
4) Uji t ( Uji Keberartian Koefisien Regresi) ...................................... 59
BAB IV HASIL PENELITIAN DAN PEMBAHASAN ........................................61
A. Gambaran Objek Penelitian .............................................................................61
1. Bursa Efek Indonesia .................................................................................61
2. Sektor Properti dan Real Estate .................................................................62
3. Profil Perusahaan yang Menjadi Sampel Penelitian ..................................63
B. Deskripsi Hasil Penelitian ................................................................................79
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1.
2.
3.
4.
Deskripsi Keputusan Investasi ...................................................................79
Deskripsi Keputusan Pendanaan ................................................................83
Deskripsi Kebijakan Dividen .....................................................................87
Deskripsi Nilai Perusahaan ........................................................................89
C. Pengujian Hipotesis Penelitian .........................................................................93
1. Pengujian Asumsi Klasik ...........................................................................93
2. Analisis Regresi Multipel Data Panel ........................................................96
3. Pemilihan Model Regresi Data Panel ......................................................100
4. Uji F (Uji Keberartian Regresi) .............................................................. 103
5. Uji t ( Uji Keberartian Koefisien Regresi) .............................................. 104
D. Pembahasan Hasil Penelitian .........................................................................106
1. Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan
Dividen Terhadap Nilai Perusahaan .........................................................107
2. Pengaruh Keputusan Investasi Terhadap Nilai Perusahaan .....................108
3. Pengaruh Keputusan Pendanaan Terhadap Nilai Perusahaan ..................109
4. Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan .......................110
BAB V SIMPULAN DAN SARAN ..........................................................................111
A. Simpulan .........................................................................................................111
B. Saran ................................................................................................................112
DAFTAR PUSTAKA ............................................................................................... 113
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vi
DAFTAR TABEL
Tabel 1.1 Harga Saham Sebagian Perusahaan Sektor Properti dan Real Estate di
BEI ...............................................................................................................3
Tabel 2.1 Hasil Penelitian Terdahulu .........................................................................38
Tabel 3.1 Operasionalisasi Variabel Penelitian ..........................................................46
Tabel 4.1 Capaian Keputusan Investasi (10 Perusahaan Properti dan Real Estate
dengan Rata-rata MBVA Tertinggi ............................................................80
Tabel 4.2 Capaian Keputusan Investasi (10 Perusahaan Properti dan Real Estate
dengan Rata-rata MBVA Terendah ............................................................82
Tabel 4.3 Capaian Keputusan Pendanaan (10 Perusahaan Properti dan Real Estate
dengan Rata-rata DER Tertinggi ................................................................84
Tabel 4.4 Capaian Keputusan Pendanaan (10 Perusahaan Properti dan Real Estate
dengan Rata-rata DER Terendah ................................................................85
Tabel 4.5 Perusahaan Properti dan Real Estate yang Membagikan Dividen..............88
Tabel 4.6 Capaian Nilai Perusahaan (10 Perusahaan Properti dan Real Estate
dengan Rata-rata PBV Tertinggi ................................................................90
Tabel 4.7 Capaian Nilai Perusahaan (10 Perusahaan Properti dan Real Estate
dengan Rata-rata PBV Terendah ................................................................91
Tabel 4.8 Uji Multikolinearitas ...................................................................................94
Tabel 4.9 Uji Autokorelasi..........................................................................................96
Tabel 4.10 Analisis Regresi Data Panel dengan Pooled Least Square .......................97
Tabel 4.11 Analisis Regresi Data Panel dengan Fixed Effect Model .........................98
Tabel 4.12 Analisis Regresi Data Panel dengan Random Effect Model .....................99
Tabel 4.13 Pemilihan Model Regresi Data Panel dengan Uji Chow ........................100
Tabel 4.14 Pemilihan Model Regresi Data Panel dengan Uji Hausman ..................101
Tabel 4.15 Hasil Output Analisis Regresi Data Panel dengan Random Effect ......... 102
Tabel 4.16 Uji Keberartian Regresi (Uji F) ............................................................. 104
Tabel 4.17 Kesimpulan Pengujian Uji t ....................................................................106
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vii
DAFTAR GAMBAR
Gambar 2.1 Model Hubungan Antar Variabel Penelitian ......................................43
Gambar 4.1 Diagram Uji Normalitas .....................................................................93
Gambar 4.2 Grafik Scatter Plot Uji Heterokedastitas ............................................95
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PENGARUH KEPUTUSAN KEUANGAN TERHADAP NILAI PERUSAHAAN
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viii
DAFTAR LAMPIRAN
I
II
III
IV
Data Populasi dan Sampel Penelitian
Daftar Nama Perusahaan Properti dan Real Estate Per Sub Sektor
Perhitungan Rasio MBVA
Capaian Keputusan Investasi Perusahaaan Properti dan Real Estate
dengan Rata-rata MBVA dari yang Tertinggi-Terendah
V
Perhitungan Rasio DER
VI
Capaian Keputusan Pendanaan Perusahaaan Properti dan Real Estate
dengan Rata-rata DER dari yang Tertinggi-Terendah
VII
Pehitungan Rasio DPR
VIII Capaian Kebijakan Dividen Perusahaaan Properti dan Real Estate
dengan Rata-rata DPR dari yang Tertinggi-Terendah
IX
Perhitungan Rasio PBV
X
Capaian Nilai Perusahaaan Properti dan Real Estate dengan Rata-rata
DER dari yang Tertinggi-Terendah
XI
Tabulasi Data Variabel X dan Y
XII
Tabel DW
XIII Tabel F
XIV Tabel t
XV
SK Dosen Pembimbing Skripsi
XVI Lembar Evaluasi Usulan Penelitian
XVII Frekuensi Bimbingan
XVIII Daftar Riwayat Hidup
Ismiatun, 2015
PENGARUH KEPUTUSAN KEUANGAN TERHADAP NILAI PERUSAHAAN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
DAFTAR ISI
ABSTRAK ................................................................................................................... i
KATA PENGANTAR............................................................................................... iii
UCAPAN TERIMAKASIH ..................................................................................... iv
DAFTAR ISI ............................................................................................................. vi
DAFTAR TABEL ..................................................................................................... ix
DAFTAR GAMBAR.................................................................................................. x
DAFTAR LAMPIRAN ............................................................................................. xi
BAB I PENDAHULUAN........................................................................................... 1
A. Latar Belakang Penelitian ................................................................................. 1
B. Identifikasi Masalah .......................................................................................... 4
C. Rumusan Masalah Penelitian ............................................................................ 8
D. Maksud dan Tujuan Penelitian .......................................................................... 8
E. Manfaat Penelitian ..............................................................................................9
BAB II LANDASAN TEORI .......................................................................................... 10
A. Teori yang Relevan ....................................................................................... 10
1. Keputusan Keuangan .............................................................................. 10
a. Pengertian dan Tujuan Keputusan Keuangan ................................ 10
b. Jenis-jenis Keputusan Keuangan ..................................................... 10
c. Keputusan Investasi ........................................................................... 12
1) Pengertian Keputusan Investasi ...................................................... 12
2) Jenis-jenis Keputusan Investasi ....................................................... 13
3) Manfaat atau Pentingnya Keputusan Investasi................................ 13
4) Teori Mengenai Keputusan Investasi .............................................. 15
5) Indikator Pengukuran Keputusan Investasi ..................................... 16
d. Keputusan Pendanaan ........................................................................ 19
1) Pengertian Keputusan Pendanaan ................................................... 19
2) Teori Mengenai Keputusan Pendanaan ........................................... 20
3) Faktor yang Mempengaruhi Keputusan Pendanaan ........................ 21
4) Indikator Pengukuran Keputusan Pendanaan .................................. 22
e. Kebijakan Dividen ............................................................................... 23
1) Pengertian Kebijakan Dividen ........................................................ 23
2) Jenis-jenis Dividen .......................................................................... 25
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iv
3) Bentuk-bentuk Kebijakan Dividen .................................................. 25
4) Faktor yang Mempengaruhi Kebijakan Dividen ............................. 27
5) Teori Mengenai Kebijakan Dividen ................................................ 27
6) Indikator Pengukuran Kebijakan Dividen ....................................... 29
2. Nilai Perusahaan ..................................................................................... 30
a. Pengertian Nilai Perusahaan ................................................................. 30
b. Pentingnya Nilai Perusahaan ................................................................ 31
c. Indikator Pengukuran Nilai Perusahaan ............................................... 32
d. Teori Assimmetric Information dan Signalling .....................................35
B. Hasil Penelitian Terdahulu ........................................................................... 37
C. Kerangka Pemikiran ......................................................................................39
D. Hipotesis Penelitian ....................................................................................... 43
BAB III METODE PENELITIAN ..........................................................................44
A. Desain Penelitian ............................................................................................. 44
B. Operasionalisasi Variabel ................................................................................ 45
C. Populasi dan Sampel ....................................................................................... 46
D. Teknik Pengumpulan Data .............................................................................. 47
E. Teknik Analisis Data Dan Pengujian Hipotesis............................................... 48
1. Analisis Deskriptif .................................................................................... 48
2. Analisis Statistik ....................................................................................... 50
a. Pengujian Asumsi Klasik ..................................................................... 50
1) Uji Normalitas ................................................................................. 50
2) Uji Multikolinieritas ........................................................................ 52
3) Uji Heterokedastisitas ..................................................................... 52
4) Uji Autokorelasi .............................................................................. 53
b. Pengujian Hipotesis .............................................................................. 53
1) Analisis Regresi Multipel Data Panel ............................................. 53
2) Pemilihan Model Regresi Data Panel.............................................. 56
3) Uji F (Uji Keberartian Regresi) ....................................................... 57
4) Uji t ( Uji Keberartian Koefisien Regresi) ...................................... 59
BAB IV HASIL PENELITIAN DAN PEMBAHASAN ........................................61
A. Gambaran Objek Penelitian .............................................................................61
1. Bursa Efek Indonesia .................................................................................61
2. Sektor Properti dan Real Estate .................................................................62
3. Profil Perusahaan yang Menjadi Sampel Penelitian ..................................63
B. Deskripsi Hasil Penelitian ................................................................................79
Ismiatun, 2015
PENGARUH KEPUTUSAN KEUANGAN TERHADAP NILAI PERUSAHAAN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
v
1.
2.
3.
4.
Deskripsi Keputusan Investasi ...................................................................79
Deskripsi Keputusan Pendanaan ................................................................83
Deskripsi Kebijakan Dividen .....................................................................87
Deskripsi Nilai Perusahaan ........................................................................89
C. Pengujian Hipotesis Penelitian .........................................................................93
1. Pengujian Asumsi Klasik ...........................................................................93
2. Analisis Regresi Multipel Data Panel ........................................................96
3. Pemilihan Model Regresi Data Panel ......................................................100
4. Uji F (Uji Keberartian Regresi) .............................................................. 103
5. Uji t ( Uji Keberartian Koefisien Regresi) .............................................. 104
D. Pembahasan Hasil Penelitian .........................................................................106
1. Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan
Dividen Terhadap Nilai Perusahaan .........................................................107
2. Pengaruh Keputusan Investasi Terhadap Nilai Perusahaan .....................108
3. Pengaruh Keputusan Pendanaan Terhadap Nilai Perusahaan ..................109
4. Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan .......................110
BAB V SIMPULAN DAN SARAN ..........................................................................111
A. Simpulan .........................................................................................................111
B. Saran ................................................................................................................112
DAFTAR PUSTAKA ............................................................................................... 113
Ismiatun, 2015
PENGARUH KEPUTUSAN KEUANGAN TERHADAP NILAI PERUSAHAAN
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vi
DAFTAR TABEL
Tabel 1.1 Harga Saham Sebagian Perusahaan Sektor Properti dan Real Estate di
BEI ...............................................................................................................3
Tabel 2.1 Hasil Penelitian Terdahulu .........................................................................38
Tabel 3.1 Operasionalisasi Variabel Penelitian ..........................................................46
Tabel 4.1 Capaian Keputusan Investasi (10 Perusahaan Properti dan Real Estate
dengan Rata-rata MBVA Tertinggi ............................................................80
Tabel 4.2 Capaian Keputusan Investasi (10 Perusahaan Properti dan Real Estate
dengan Rata-rata MBVA Terendah ............................................................82
Tabel 4.3 Capaian Keputusan Pendanaan (10 Perusahaan Properti dan Real Estate
dengan Rata-rata DER Tertinggi ................................................................84
Tabel 4.4 Capaian Keputusan Pendanaan (10 Perusahaan Properti dan Real Estate
dengan Rata-rata DER Terendah ................................................................85
Tabel 4.5 Perusahaan Properti dan Real Estate yang Membagikan Dividen..............88
Tabel 4.6 Capaian Nilai Perusahaan (10 Perusahaan Properti dan Real Estate
dengan Rata-rata PBV Tertinggi ................................................................90
Tabel 4.7 Capaian Nilai Perusahaan (10 Perusahaan Properti dan Real Estate
dengan Rata-rata PBV Terendah ................................................................91
Tabel 4.8 Uji Multikolinearitas ...................................................................................94
Tabel 4.9 Uji Autokorelasi..........................................................................................96
Tabel 4.10 Analisis Regresi Data Panel dengan Pooled Least Square .......................97
Tabel 4.11 Analisis Regresi Data Panel dengan Fixed Effect Model .........................98
Tabel 4.12 Analisis Regresi Data Panel dengan Random Effect Model .....................99
Tabel 4.13 Pemilihan Model Regresi Data Panel dengan Uji Chow ........................100
Tabel 4.14 Pemilihan Model Regresi Data Panel dengan Uji Hausman ..................101
Tabel 4.15 Hasil Output Analisis Regresi Data Panel dengan Random Effect ......... 102
Tabel 4.16 Uji Keberartian Regresi (Uji F) ............................................................. 104
Tabel 4.17 Kesimpulan Pengujian Uji t ....................................................................106
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PENGARUH KEPUTUSAN KEUANGAN TERHADAP NILAI PERUSAHAAN
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vii
DAFTAR GAMBAR
Gambar 2.1 Model Hubungan Antar Variabel Penelitian ......................................43
Gambar 4.1 Diagram Uji Normalitas .....................................................................93
Gambar 4.2 Grafik Scatter Plot Uji Heterokedastitas ............................................95
Ismiatun, 2015
PENGARUH KEPUTUSAN KEUANGAN TERHADAP NILAI PERUSAHAAN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu
viii
DAFTAR LAMPIRAN
I
II
III
IV
Data Populasi dan Sampel Penelitian
Daftar Nama Perusahaan Properti dan Real Estate Per Sub Sektor
Perhitungan Rasio MBVA
Capaian Keputusan Investasi Perusahaaan Properti dan Real Estate
dengan Rata-rata MBVA dari yang Tertinggi-Terendah
V
Perhitungan Rasio DER
VI
Capaian Keputusan Pendanaan Perusahaaan Properti dan Real Estate
dengan Rata-rata DER dari yang Tertinggi-Terendah
VII
Pehitungan Rasio DPR
VIII Capaian Kebijakan Dividen Perusahaaan Properti dan Real Estate
dengan Rata-rata DPR dari yang Tertinggi-Terendah
IX
Perhitungan Rasio PBV
X
Capaian Nilai Perusahaaan Properti dan Real Estate dengan Rata-rata
DER dari yang Tertinggi-Terendah
XI
Tabulasi Data Variabel X dan Y
XII
Tabel DW
XIII Tabel F
XIV Tabel t
XV
SK Dosen Pembimbing Skripsi
XVI Lembar Evaluasi Usulan Penelitian
XVII Frekuensi Bimbingan
XVIII Daftar Riwayat Hidup
Ismiatun, 2015
PENGARUH KEPUTUSAN KEUANGAN TERHADAP NILAI PERUSAHAAN
Universitas Pendidikan Indonesia | repository.upi.edu | perpustakaan.upi.edu